I trimmed back on my WNR position in order to reduce my exposure to the stock. It was simply too big a weighting and I do not like today’s action in the sector. Full disclosure, I took a floater on HFC this morning and was quickly stopped out. Crack spreads are tightening and WTI-BRENT spreads are narrowing. That’s why people are selling. Nevertheless, I still like the sector long term, just not at a 25% weighting.
I put some money to work, buying VMW, CIEN, AMD with a TZA hedge. At the moment, I am not sure of my cash level. However, it is likely unch.
The market wants to go higher, but is stifled by the overwhelming news flow that seems to get progressively worse. I am going to repeat what I said earlier: keep it light and don’t chase.
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Circumcision time?
that would be the least of your worries.
make sure its not a castration !!
The most unexpected move the market can make here would be to trade higher. Im long small amount of calls from 1137 in ES and JPM calls bought on the close yesterday.
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@wahican
Yep. The tension over Europe is so acute that short squeezes will happen without nothing new coming out of that sewer.
out of the spy calls with the move under 1157. Not holding up well here. Better to be safe than sorry!
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@wahican
Long term exposure of one’s WNR position can get one arrested in the wrong neighborhood.
CMI for the $100 roll…
puts flying off the shelves in your WNR
Bought some X, 28/29 vertical call spread. Momentum trade, as it was outperforming this morning. Citi thinks steel prices are going to increase to match input costs, but I’m somewhat skeptical. Perhaps costs will be passed and cash will flow from cos like CLF to the steel makers, improving their margins.
BSFT interests me here too, that company is growth investor crack.
How can steel prices increase in a global depression with ZERO construction out there?
The only thing that would increase steel demand is to pass Obama’s “Jobs” bill in its entirety, and the Republicans are not going to do that because they want a WORSE economy.
Can Rep. Cantor catch some ebola disease?
http://www.msnbc.msn.com/id/44482163/ns/travel-news/t/mile-high-club-f-s-sent-after-long-bathroom-visit/?ocid=twitter
ROLF!
With all due respect your Honor, this WNR chart is starting to look suspiciously like it’s forming the second shoulder of a HS. Heavens to Murgatroyd !! Next stop $12 ?